非效率投资、公司业绩及其影响因素研究

本文利用我国上市公司的数据,对非效率投资与公司业绩的关系及其影响因素进行了研究。结果显示,投资不足和过度投资均对公司业绩造成了负面影响,但相对而言,投资不足对公司业绩的负面影响更严重。从对非效率投资影响因素检验来看,自由现金流量多的公司,成长机会低的公司,银行负债高的公司,以及国有控股公司更可能出现过度投资。相反,总经理为女性的公司更容易出现投资不足。

Non-efficient Investment,Corporate Performance and Influencing Factors

Using the general principles of infroamtion econmics and agency theory,this paper analyzes the relationships between non-efficien investment and corporate performance,as well as the influencing factoes of non-efficient investment.On this basis,Regression results using 348 Shanghai and Shenzhen listed company observations in 2004-2006 show that non-efficient investment is negativly correlated with corporate performanc These relationships are much stronger for companies that are classified as underinvestment....